Required information [The following information applies to the questions displayed below] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $10 par value, 11,500 shares authorized. During the year, the following selected transactions were compieted: a. Sold 5.600 shares of common stock for cash at $20 per share. b. Sold 1,000 shares of common stock for cash at $25 pet share. c. At year-end, the accounts reflected income of $12,000, No dividends were declared, 2. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet. (Amounts to be deducted should be indicated by a minus sign.)